China bets the bank on Thailand

In a stunning move that will have regional banks in Asia wondering when the Chinese will come for them, ICBC has just agreed to fork out $545 million to Bangkok Bank for its 20 percent stake in ACL.

Industrial and Commercial Bank of China said it would buy a stake in Thai's ACL Bank from Bangkok Bank and intends to make an offer for all ACL shares for about $545 million to tap the fast-growing Thai economy and bilateral trade, according to a report in Forbes.

ICBC, the world's largest bank by market value, said it had agreed to buy a 19.26 percent stake in ACL Bank from Bangkok Bank for 3.52 billion baht ($104.8 million).